Whether you think of markets as being largely efficient or not is more than an academic question—it has ramifications for whether you take a passive or active approach to investing, whether you hold stocks for the long term, and how much you diversify or concentrate your holdings. Three experienced asset managers talk about when they actively look for alpha and when it makes sense to sit back. This webinar will be moderated by Roger Ibbotson, Professor in the Practice Emeritus of Finance. He will be joined by Ranji Nagaswami '86, Paula Volent '97, and George Wyper '84. When: Friday, May 16, 11:30am-12:30pm Listen to a recording here. Moderator: Roger Ibbotson, Professor in the Practice Emeritus of Finance, Yale School of Management Roger G. Ibbotson is chairman and CIO of Zebra Capital Management, LLC, an equity investment and hedge fund manager. He is founder, advisor and former chairman of Ibbotson Associates, now a Morningstar Company. He has written numerous books and articles including Stocks Bonds Bills and Inflation with Rex Sinquefield (updated annually) which serves as a standard reference for information and capital market returns. Professor Ibbotson conducts research on a broad range of financial topics, including liquidity, investment returns, mutual funds, international markets, portfolio management, and valuation. He has recently published The Equity Risk Premium and Lifetime Financial Advice. He has also co-authored two books with Gary Brinson, Global Investing and Investment Markets. He is a regular contributor and editorial board member to both trade and academic journals. Professor Ibbotson serves on numerous boards including Dimensional Fund Advisors' funds. He frequently speaks at universities, conferences, and other forums. He received his bachelor's degree in mathematics from Purdue University, his MBA from Indiana University, and his PhD from the University of Chicago where he taught for more than ten years and served as executive director of the Center for Research in Security Prices. Panelists: Ranji Nagaswami '86, Visiting Executive Fellow, Yale School of Management International Center for Finance A 25+ year investment industry professional, Ms. Nagaswami most recently worked at Bridgewater Associates, the $130 Billion+ global macro hedge fund and risk-parity strategy pioneer. From 2010 thru 2012 Ms. Nagaswami served as Chief Investment Advisor to the administration of Mayor Michael R. Bloomberg, City of New York for the City's $150 Billion+ Employee Retirement Systems. She developed a path-breaking restructuring proposal for the retirement plan's strategic investment policy allocation that was unanimously adopted by the five NYC Retirement System's nearly 60 Trustees and investment staff and worked on key governance initiatives to improve decision making by the System's Boards. Prior to joining the public sector, Ms. Nagaswami held executive and portfolio management positions at two world-class asset management firms. Ms. Nagaswami was previously Chief Investment Officer within the Blend Strategies team of AllianceBernstein L.P.; with responsibility for the firm's $20 Billion strategic multi-asset portfolios and $85 Billion Blend equities strategies. She served from 2004 to 2008 as Chief Investment Officer and a member of the Executive Board of AllianceBernstein Investments, the retail division of the firm where she was widely credited with leading the turnaround of the $180 Billion global mutual fund business. From 2001 until 2004, Ms. Nagaswami was a senior portfolio manager of the Bernstein U.S. Value Equities team and a member of the US Value Equities Investment Policy Group. Ms. Nagaswami joined Sanford C. Bernstein in 1999. From 1986 to 1999, she was at UBS Asset Management and its predecessor organizations where her last role was Managing Director and Co-Head of U.S. Fixed Income. Ms. Nagaswami is currently working to promote sound investment policy and pension governance reform through public speaking engagements and advisory consultations with institutional investors. Ms. Nagaswami is a Visiting Executive Fellow at the Yale School of Management's International Center for Finance and is working to launch the Finance Fellows program within the Aspen Institute's Global Leadership Network. Ms. Nagaswami is a Member of the $60 Billion UAW VEBA Medical Benefits Trust Investment Advisory Council, the CFA Institute's Ethics and Standards Advisory Council, and a Henry Crown Fellow at the Aspen Institute. She was previously a member of the Yale University Investments Committee, the Yale School of Management Advisory Board, Trustee of Greenwich Academy and on the North American Council of Ashoka, a global fellowship of social entrepreneurs. Ms. Nagaswami earned a Bachelor of Commerce from Bombay University in India, a MBA from the Yale School of Management and is a Chartered Financial Analyst. Paula Volent '97, Senior Vice President for Investments, Bowdoin College Paula Volent is Senior Vice President for Investments at Bowdoin College, a private, residential college in Brunswick, Maine. At Bowdoin, Ms. Volent is responsible for the oversight and management of the College's endowment. Prior to joining Bowdoin in July 2000, Ms. Volent was a Senior Associate at the Yale Investments Office. Ms. Volent has a BA from the University of New Hampshire; a Master's Degree in Art History from the Institute of Fine Arts at New York University; a Certificate in Conservation from the Conservation Center at NYU, with a specialization in the conservation of works of art on paper; and an MBA from the Yale School of Management. Prior to focusing on endowment management, Paula worked as a paper conservator at the New-York Historical Society, the San Francisco Palace of Fine Arts, the LA County Museum of Art, and the National Gallery of Art in Washington DC. She also ran a private paper conservation studio in Los Angeles, California. She serves as a Trustee and Chair of the Investment Committee of the Maine Coast Heritage Trust, a member of the Investment Committee of Waynflete School and an Advisory Member of the Investment Committee for the Foundation for the American Institute for Conservation. George Wyper '84, Managing Director, Royce & Associates, LLC George Wyper joined First Boston upon graduation in 1984. Initially he was in corporate finance, then was the assignments associate for a year before joining the firm's merchant banking area. In 1987 Mr. Wyper joined the investment department of Fireman's Fund Insurance Corporation, initially to manage its $6 billion fixed income portfolio. Two years later he became the chief investment officer. Subsequent to the sale of Fireman's Fund, Mr. Wyper became a senior managing director and member of the Management Committee of Warburg Pincus Asset Management. In 1998 Mr. Wyper founded his own firm, Wyper Capital Management, LP, which managed assets in long only and long/short equity strategies. He sold his firm to Legg Mason in 2010 and currently is a Managing Director of The Royce Funds. Mr. Wyper received his BS from the Wharton School and his MBA from the Yale School of Management. In addition to serving on the Yale SOM Board of Advisors, he was co-chair of the campaign committee for "Management Tomorrow," the school's capital drive. Mr. Wyper serves on the Boards of Two Roads Brewing and Blue Buddha Beverages. Previously, Mr. Wyper has served on the boards of Cross Timbers Oil Company, Source One Mortgage Services Company, the Cliffs Drilling Company, Financial Security Assurance, Inc., and was previously the president of the Darien Library. Mr. Wyper has a son who was Yale class of 2011 and a son who was Yale class of 2013, and his wife (YC '84) received a degree from the Yale Divinity School.

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